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Alternative Market Briefing

CFTC releases final exemptive order and additional guidance on cross-border swaps, commission under scrutiny

Tuesday, January 29, 2013

Bailey McCann, Opalesque New York: Near the end of December, the Commodities Futures Trading Commission (CFTC) issued a final exemptive order further clarifying the rules governing cross-border swaps an instrument which came under the regulatory purview of the Commission following the passage of the Dodd-Frank Act. The meeting took place shortly before the December 31, announcement of the implementation real time reporting swaps, and registration of swap dealers. With the meeting, the CFTC added some clarity to the definitions of US and non-US based swap transactions and people as it relates to the spate of swaps regulations included in Dodd-Frank.

According to attorneys for law firm Gibson Dunn, which have crafted a detailed client briefing on the new guidance, one of the more notable changes to come out of the meeting was the creation of a third and presumably final definition of what constitutes a US person in swaps regulation compliance. This new definition is different from the previous two, and leaves the door open for the regulator to change it again. Essentially, a US person is now defined as any entity that meets one of the following criteria: a person who is a natural resident of the US; a corpor......................

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